1. Short title
This Act may be cited as the “Improving the Low Income Housing Tax Credit Rate Act”.
Improving the Low Income Housing Tax Credit Rate Act
A BILL
To amend the Internal Revenue Code of 1986 to make permanent the minimum low-income housing tax credit rate for unsubsidized buildings and to provide a minimum 4 percent credit rate for existing buildings.
2. Extension and modification of minimum low-income housing tax credit rate for certain buildings
Permanent extension— Paragraph (2) of section 42(b) of the Internal Revenue Code of 1986 is amended—
by striking “Temporary minimum credit rate” in the heading and inserting “Minimum credit rate”, and
by striking “with respect to housing credit dollar amount allocations made before January 1, 2014” in subparagraph (A).
Minimum 4 percent credit rate for certain existing buildings— Subsection (b) of section 42 of the Internal Revenue Code of 1986 is amended—
by redesignating paragraph (3) as paragraph (4), and
by inserting after paragraph (2) the following new paragraph:
“(3) Minimum credit rate for non-federally subsidized existing buildings—In the case of any existing building—
“(A) which is placed in service by the taxpayer after the date of the enactment of this paragraph, and
“(B) which is not federally subsidized for the taxable year,”
Effective date— The amendments made by this section shall apply to buildings placed in service after the date of the enactment of this Act.